No proposal for BRICS currency… What did External Affairs Minister S Jaishankar say after Trump’s tariff threat?

New Delhi: External Affairs Minister S Jaishankar, who attended the Doha Forum in Qatar, said that no decision has been taken to launch any new currency to compete with the US dollar. This statement comes a week after the warning of America’s newly elected President Donald Trump. Trump had demanded the BRICS countries, which include big countries like India, Russia and China, not to create any new currency to replace the dollar nor to support any other currency.

Trump gave this threat to BRICS countries

Trump had threatened that if the BRICS countries adopt the policy of ‘de-dollarization’, i.e. move away from the US dollar, he/she will impose 100 percent tariff. Jaishankar said in Qatar that India has a good and strong relationship with America. he/she earlier acknowledged some trade issues with the Trump administration, but also pointed out that the Quad was restarted during Trump’s tenure.

Jaishankar responded

Referring to Trump’s recent warning, Jaishankar said, ‘I don’t know exactly what was the reason behind it (Trump’s comment), but we have always said that India will never go for ‘de-dollarization’ (de-dollarization by countries). But has not been in favor of reducing dependence on reserve currency as a medium of exchange. Right now, there is no proposal for a BRICS currency.

Jaishankar mentioned the friendship between Prime Minister Narendra Modi and future US President Donald Trump. he/she said this relationship has contributed to stronger bilateral relations between the two countries.

Responding to a question about India’s role in creating an anti-US, anti-West axis of Russia, China, North Korea and Iran, Jaishankar said, ‘Every country has its own interests. They agree on some things, disagree on some things. Sometimes the same countries work in different combinations on different issues.